Key Market Indicators
Azerbaijan is poised to increase its pigment exports to approximately 44,600 kilograms by 2028, up from around 34,900 kilograms in 2023. This marks an annual growth rate of 3.9%. Since 2004, Azerbaijani pigment supply has surged by 42.8% each year. In 2023, Azerbaijan ranked 50th in global pigment exports, with the Ivory Coast surpassing it with the same export volume of 34,900 kilograms. Leading the rankings were Germany, Saudi Arabia, and China, occupying the second, third, and fourth spots respectively. Conversely, Azerbaijan's pigment imports are projected to decline significantly. By 2028, imports are expected to drop to roughly 65,000 kilograms from 121,400 kilograms in 2023, reflecting a compound annual growth rate (CAGR) of negative 9.8%. Since 2001, the country’s demand for imported pigments has decreased by 14.6% annually.
